golden handshake

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Golden handshake

A large payment to a senior employee who is forced into retirement or fired as a result of a takeover or similar development.

Golden Handshake

A clause in a high-ranking executive's hiring contract describing a lucrative severance package once the executive leaves the company. The package often includes cash and stock options worth millions of dollars, as well equity in the company. The executive is normally eligible for a golden handshake regardless of the circumstances under which he/she left the company, whether retirement, redundancy brought about from a merger or acquisition, or termination for mismanagement. Controversy surrounding the practice tends to increase in times of increased mergers, as well as in economic downturns.

golden handshake

a generous severance payment made to an employee as an inducement to leave an organization. The phrase is also sometimes used to describe payments made to retiring employees as a sign of gratitude for their services. See REDUNDANCY.

golden handshake

a generous severance payment made to a director or worker of a company who is dismissed prior to the expiry of his or her service contract.
References in periodicals archive ?
Other pounds 1 million-plus golden handshakes were reportedly paid by firms including Barclays, Alliance & Leicester, the Hilton Group, Glaxo Wellcome, J Sainsbury and Cadbury Schweppes.
How can anyone justify a golden handshake of pounds 9 million?
This is something that we need to be actively addressing together and we ought to be looking at new ways of recruiting junior doctors to Wales, be that through golden handshakes or ensuring that junior doctors have accommodation.
THERE is no way I will be supporting the golden handshakes for councillors.
MORE than pounds 16million has been spent on golden handshakes in the health service, it was revealed yesterday.
My pension is small - and I have never had the luxury of golden handshakes or redundancy payments to soften my later years.
Now all salaries, bonuses and golden handshakes will be properly scrutinised.
So on behalf of the taxpayers who have kept all five in fine style, I suggest they donate their golden handshakes to a charity in Wales.
Kaliani Lyle, group chief executive, said: "For many in Scotland, there are no golden handshakes, share options, windfall payments or company cars in this world.
ONE of Ireland's top companies is giving out golden handshakes of up to pounds 100,000 in one of the biggest redundancy deals of its kind.
Union chiefs secretly voted themselves golden handshakes worth up to pounds 450,000 each, it was revealed last night.
We still have players at Villa now who will probably have to receive a golden handshake to leave and that will be even more money wasted.